Wafi-Golpu reserve estimated to be holding 5.5 million ounces of gold

AN updated feasibility study of the Wafi-Golpu mine in Morobe shows that the ore reserve is estimated to contain 5.5 million ounces of gold and 2.5 million tonnes of copper.
“The feasibility study update ore reserve is estimated to contain 5.5 million ounces of gold and 2.5 million tonnes of copper,” the report released last week said. “This estimate is materially in line with previous estimates, and reflects updated long-term cost and metal price assumptions and optimised designs in the Golpu feasibility study update.”
Block cave (BC) 44 and BC42, which are at a feasibility level of accuracy, account for 49 per cent of gold reserves and 52 per cent of copper reserves.
BC40, which is at a pre-feasibility level of accuracy, accounts for 51 per cent of gold reserves and 48 per cent of copper reserves.
Newcrest managing director and chief executive Sandeep Biswas said in the report: “The improved business case set out in the updated feasibility study clearly demonstrates the world-class nature of this multi-decade project.
“At Newcrest we are excited to have this tier 1 asset in our portfolio with an IRR (internal rate of return) of 18 per cent, first quartile production costs and decades of operating life.
“We have a clear pathway forward for the project and together with our joint venture partner, we are committed to working with the Government and people of
PNG to progress this world-class asset.”